Bank stocks have rallied over the last 3-4 months. The recent bank stock surge appears overdone. Valuation multiples have risen significantly, and are now stretched relative to historical norms. Current valuations are disconnected from fundamentals, given the tepid (+2%) earnings growth over the next 2 years. In our latest report, we discuss why the rally looks overdone, even with the possibility of a soft landing and interest rate cuts in the next 12-18 months.